Commerce and Industry Minister Piyush Goyal on Thursday, 3 September said India could gain access to 75 per cent of global trade at rates lower than its competitors, combining the impact of existing and upcoming free trade agreements (FTAs) with deepened market access efforts. The minister made the remarks at the National Workshop on 'Leveraging FTAs — An Outreach Programme' held in New Delhi.

India's Current FTA Footprint

India's existing nine FTAs, spanning economies with a combined GDP of approximately $60 trillion, already provide preferential market access to nearly two-thirds of global trade, according to Goyal. He called for a focused, inclusive, and nationwide effort to maximise FTA utilisation and ensure that the benefits of enhanced market access reach businesses across the country.

Goyal stressed that the initiative must reach every corner of the country — from the largest corporation to the 'smallest businessperson, trader, entrepreneur, startup and woman entrepreneur' across all 780 districts, big and small.

Upcoming Trade Deals in the Pipeline

Among the FTAs expected to be concluded over the next few months to a couple of years are agreements with Canada, Mexico, Chile, Mercosur, SACU, GCC, and Israel. India also plans to review its existing trade pacts with ASEAN, South Korea, and Japan, or pursue other steps to secure greater market access from those partners.

On the ongoing India-US trade negotiations, Goyal indicated that a trade pact with the United States would be finalised as soon as Washington is able to offer India preferential rates compared with competing nations. This comes amid broader global trade realignments, with India benchmarking itself against the rates paid by competitors such as Vietnam and Bangladesh in third markets.

GDP Growth and Economic Context

Goyal highlighted India's first-quarter GDP growth of 7.8 per cent at constant prices as a significant achievement, given the uncertainty and turmoil in the global economy. He noted that the GDP figures are produced through an independent, ground-up process run by the Ministry of Statistics — not determined by the government or its ministers — and urged stakeholders not to be swayed by 'naysayers'.

This comes as India pursues an ambitious $1 trillion export target for the current financial year, representing approximately 16 per cent growth over the previous year's figures.

What This Means for Indian Businesses

The minister's remarks signal a clear pivot in trade strategy — from a largely domestic-focused economy toward a more assertive international posture. Notably, the outreach programme is designed to bridge the persistent gap between FTA availability and actual utilisation, a challenge that has historically limited the gains from India's trade agreements. Every business contribution, Goyal said, would be 'invaluable in transforming India from a largely inward-looking domestic economy into an international player of significance.'

With several major FTAs in advanced stages of negotiation and a $1 trillion export target on the horizon, the coming months will be a critical test of whether India's trade ambitions translate into measurable gains on the ground.